Scribd Logo
Upload

Welcome to Scribd!

  • PLP Government Accounting Final Exam

    Uploaded by

    April Manjares
    221 views4 pages
    1. The document provides information about exams taken by students at Pamantasan ng Lungsod ng Pasig for their Government Accounting final. It includes multiple choice, true/false, and problems questions testing accounting concepts. 2. The true/false questions cover topics like revenue remittance, use of government resources, procurement rules, asset derecognition, inventory accounting, biological and investment assets. 3. The multiple choice questions test understanding of accounts like dishonored checks, receivables, closing entries, financial reporting, subsidies, allotments, and cash advances. 4. The problems apply accounting entries for allotments, cancelled tax receipts, asset depreciation, asset

    Original Description:

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    1. The document provides information about exams taken by students at Pamantasan ng Lungsod ng Pasig for their Government Accounting final. It includes multiple choice, true/false, and problems questions testing accounting concepts. 2. The true/false questions cover topics like revenue remittance, use of government resources, procurement rules, asset derecognition, inventory accounting, biological and investment assets. 3. The multiple choice questions test understanding of accounts like dishonored checks, receivables, closing entries, financial reporting, subsidies, allotments, and cash advances. 4. The problems apply accounting entries for allotments, cancelled tax receipts, asset depreciation, asset

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    221 views4 pages

    PLP Government Accounting Final Exam

    Uploaded by

    April Manjares
    1. The document provides information about exams taken by students at Pamantasan ng Lungsod ng Pasig for their Government Accounting final. It includes multiple choice, true/false, and problems questions testing accounting concepts. 2. The true/false questions cover topics like revenue remittance, use of government resources, procurement rules, asset derecognition, inventory accounting, biological and investment assets. 3. The multiple choice questions test understanding of accounts like dishonored checks, receivables, closing entries, financial reporting, subsidies, allotments, and cash advances. 4. The problems apply accounting entries for allotments, cancelled tax receipts, asset depreciation, asset

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    of 4

    Pamantasan ng Lungsod ng Pasig

    Government Accounting
    Final Examination

    Test I – True or False (Right Minus Wrong)

    True 1. All revenues of an entity shall be remitted to the National Treasury and included in the General Fund of
    the National Government.
    True 2. All government resources shall be used only in accordance with the law and only for public purposes.
    False3. A canvass from least 5 suppliers is required for purchases amounting to P1,000 and above, except for
    purchases made on official travel.
    True 4. A financial asset is derecognized when the contractual rights to the cash flows from the financial asset
    expire or are waived.
    True 5. Specific identification shall be used for items that are not ordinarily interchangeable and those that are
    segregated for specific projects.
    False 6. Bearer biological assets are those that are to be harvested as agricultural produce or to be sold as
    biological assets.
    True 7. Investment properly is land or building held for rentals or capital appreciation.
    True 8. An example of directly attributable costs are costs of employee benefits arising directly from the
    construction or acquisition of PPE.
    False 9. Intangible assets with indefinite life are amortized using the straight line method over a period of 10
    years.
    True 10. A provision is measured at the entity’s best estimate of the amount needed to settle the liability at the
    reporting date.

    Test 1I – Multiple Choice

    1. B. It represents checks collected by government agency but not accepted by bank upon deposit.

    a. State checks
    b. Dishonored checks
    c. Outstanding checks
    d. MDS checks

    2. C. This account is used to record the amount due from officers and employees and those outside of
    government agencies for audit disallowances/charges, which may become final and executor.

    a. Other receivables
    b. Due from officers and employees
    c. Receivables – Disallowances/changes
    d. Accounts receivable

    3. D. Closing entries

    a. Are optional steps


    b. Affect only balance sheet accounts
    c. Permit the government agency to analyze routine and repetitive transactions the same way all the
    time.
    d. Remove the balance from the agency’s temporary accounts.
    4. DThe interim financial statements shall be prepared employing the same accounting principles used for annual
    reporting. It shall be submitted quarterly with the following. EXCEPT

    a. Notes to financial statements


    b. Balance sheet
    c. Statement of cash flows
    d. Worksheet

    5. AThis account is used to record the subsidy received by the Regional Office/Staff Bureau and Operating Unit
    form Central Office by way of funding check received/fund transfer through AGDBs/transfer of assets.

    a. Subsidy income from National Government


    b. Subsidy from Central Office
    c. Subsidy from Regional Office/Staff Bureaus
    d. Subsidy to Regional Office/Staff Bureaus

    6. BThis term represents the allotment transferred by Central Office to its Regional Office/Staff Bureaus.

    a. Special allotment Advice


    b. Sub-allotment
    c. Letter of Advice of Allotment
    d. Notice of these

    7. BThis is the report used to settle cash advances for travel and for other purposes except those cash advances
    granted to regular/special disbursing officer.

    a. Liquidation report
    b. Report of disbursements
    c. Liquidation report and report of disbursements
    d. Report of check issued

    8. BTo which account the balance of prior year’s adjustment is closed at the end of the year?

    a. Government equity
    b. Retained operating surplus
    c. Project equity
    d. Income and expense summary

    9. D. A cash shortage of a government entity is most likely recorded as a.

    a. Debit to a receivable account


    b. Debit to a cash shortage or overage account
    c. Credit to miscellaneous income account
    Credit to a cash shortage or overage account

    10. DThis document is prepared when end users request for the issuance of inventories that are available on stock.

    a. Purchase Requisition Form


    b. Custodian Inventory Slip
    c. Purchase Order
    d. Requisition and Issue Slip
    Test III – Problems

    Problem #1 The Central Bureau of Internal Revenue directly received from the Department of Budget and
    Management allotment for MOOE and its corresponding Notice of Cash Allocation in the
    amount of P10,000,000 and P8,000,000, respectively. Of these receipts the Central Office
    transferred the following to the Regional Office: Allotments, P5,000,000; Notice of Cash
    Allocation, P4,000,000. Likewise, the Regional Office transferred part of the sub-allotment
    and Notice of Cash Allocation to its Operating Unit. Allotment, P2,000,000; Notice of Cash
    Allocation, P1,500,000.

    Record the transactions in the books of Central Office, Regional Office and Operating unit.
    Books of Central Office
    1. The MOOE recorded only in the Registries of Allotments, Obligations and Disbursements (RAOD)
    with the amount of 10,000,000.

    2. Cash – Modified Disbursement System (MDS), Regular 8,000,000


    Subsidy from National Government 8,000,000
    To recognize receipt of NCA from the DBM.

    3. Subsidy income from National Government 4,000,000


    Cash – Modified Disbursement System (MDS), Regular 4,000,000
    To recognize the transfer of NCA to Regional Office

    Book of Regional office

    1. Cash – Modified Disbursement System (MDS), Regular 4,000,000


    Subsidy from Central Office 4,000,000
    To recognize receipt of NCA from the Central office

    2. Subsidy income from National Government 4,000,000


    Cash – Modified Disbursement System (MDS), Regular 4,000,000
    To recognize the transfer of NCA to Operating Unit

    Books of Operating unit

    1. Cash – Modified Disbursement System (MDS), Regular 1,500,000


    Subsidy from Regional Office 1,500,000
    To recognize receipt of NCA from the Regional Office

    Problem #2 A check issued by a taxpayer for real property tax in the current year in the amount of
    P10,000 was dishonored by a bank upon presentation for payment. Accordingly, the official
    receipt was cancelled. Upon notification of the cancellation, the taxpayer settled the
    obligation.

    1. Real Property Tax Receivable 10,000


    Deferred Real Property Tax income 10,000
    To record the receipt

    2. Due to LGU – Real property Tax Income 6,000


    Real property Tax Income 4,000
    Cash in Bank – Local currency 10,000
    To record cancellation of official receipt

    3. Cash in Vault 10,000


    Real Property Tax Receivable 10,000
    To record settlement
    Problem #3 At the end of the year, the Land Transportation Office recorded the following transactions.

    Depreciation:
    Office equipment 2,000
    IT equipment 5,000
    Motor vehicle 20,000

    Sale of unserviceable motor costing P500,000, with accumulated depreciation of P50,000 for P400,000

    Record the depreciation and disposal of the motor vehicle through sale.

    Cash-Collecting Officers 400,000


    Accumulated Depreciation – Equipment, Motor Vehicle 50,000
    Loss on sale of Property, Plant and Equipment 50,000
    Motor Vehicle 500,000
    To record disposal through sale

    Problem #4 On January 2, 2020, SEC entered into a ten-year non-cancellable lease requiring year-end payments of
    P100,000. SEC incremental borrowing rate is 12% while the lessor’s implicit interest rate, known to
    SEC is 10%Ownership of the property remains with the lessor at expiration of the lease. There is no
    bargain
    purchase option. The leased property has an estimated economic life of 12 years. What amount should
    SEC
    capitalize for this leased property on January 2, 2020
    Annual Rental 100,000
    Multiply by: PV ordinary Annuity of 1 6.145
    PV of lease payments 614,500

    You might also like